How much is the brand of your business worth?
This is a question many businesses struggle to answer.
What is in your brand and its value actually depends on how you have nurtured and grown it.
Brand value is normally captured as an intangible asset on your balance sheet and can form anything up to 50% of your total asset. This is according to INTERBRAND 2014.
Coca Cola at a point was the most valuable brand in the world and had their brand value at 54% of stock value. When VW bought Jaguar, the Jaguar brand alone cost $400 million and that was even without the manufacturing license.
The number one leading brand APPLE has its brand value constituting 17% of the whole organization’s worth.
Brands to a large extent determine your customers’ behavior towards your product or service which if positive can boost your profit or vice versa. It makes customers consider your product more than the functional use. The brands sit in your organization like a pot waiting for you to fill. What fills it with gold is CONSISTENCY. So in Ghana some brands pop up when we look at some industries for example, when look at the Telecoms, Banking, Media, Retail, ICT, some names will just pop up in your minds. The same happens when we talk about local food vendors when you are looking for some good waakye to buy.
Though some brands may be very old it’s not the period of existence that matters but has been actively done to the brand. What has happened to these brands is that, they have filled their brand pots with consistent quality service or communication or both. What we are talking about here is the consistency you bring to the brand building activities. Consistency makes it cheaper to gain brand depth. If you garner brand value consistently, it also makes room for you in economic downturns and puts you ahead of the competition.
You want to see more value to your brand? Get back to the drawing board and check consistency.
Author: Yaw Antwi || www.ghanatalksbusiness.com